EX-11 2 psi1107ex11.txt EXHIBIT 11 PUBLIC STORAGE, INC. EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE Earnings Per Share: -------------------
For the Three Months Ended March 31, --------------------------------------- 2007 2006 ----------------- ----------------- (Amounts in thousands, except per share data) Net income.......................................................... $ 59,778 $ 114,216 Less: Cumulative Preferred Stock Dividends: 8.60% Cumulative Preferred Stock, Series Q....................... - (742) 8.00% Cumulative Preferred Stock, Series R....................... - (10,200) 7.875% Cumulative Preferred Stock, Series S...................... - (2,830) 7.625% Cumulative Preferred Stock, Series T...................... (548) (2,900) 7.625% Cumulative Preferred Stock, Series U...................... (1,557) (2,860) 7.50% Cumulative Preferred Stock, Series V....................... (3,234) (3,234) 6.50% Cumulative Preferred Stock, Series W....................... (2,153) (2,153) 6.45% Cumulative Preferred Stock, Series X....................... (1,935) (1,935) 6.85% Cumulative Preferred Stock, Series Y....................... (685) (685) 6.25% Cumulative Preferred Stock, Series Z....................... (1,758) (1,758) 6.125% Cumulative Preferred Stock, Series A...................... (1,761) (1,761) 7.125% Cumulative Preferred Stock, Series B...................... (1,937) (1,937) 6.60% Cumulative Preferred Stock, Series C....................... (1,898) (1,898) 6.18% Cumulative Preferred Stock, Series D....................... (2,086) (2,086) 6.75% Cumulative Preferred Stock, Series E....................... (2,384) (2,384) 6.45% Cumulative Preferred Stock, Series F....................... (4,031) (4,031) 7.00% Cumulative Preferred Stock, Series G....................... (1,750) (1,750) 6.95% Cumulative Preferred Stock, Series H....................... (1,824) (1,471) 7.25% Cumulative Preferred Stock, Series I....................... (9,380) - 7.25% Cumulative Preferred Stock, Series K....................... (8,337) - 6.75% Cumulative Preferred Stock, Series L....................... (3,881) - 6.625% Cumulative Preferred Stock, Series M...................... (7,637) - ----------------- ----------------- Total preferred dividends........................................... (58,776) (46,615) Allocation of income to preferred shareholders based on redemptions of preferred stock (a)............................................ - - ----------------- ----------------- Total net income allocated to preferred shareholders................ $ (58,776) $ (46,615) Total net income allocable to common shareholders................... $ 1,002 $ 67,601 ================= ================= Allocation of net income to common shareholders by class: Net income allocable to shareholders of the Equity Stock, Series A $ 5,356 $ 5,356 Net (loss) income allocable to shareholders of common stock... (4,354) 62,245 ----------------- ----------------- $ 1,002 $ 67,601 ================= ================= Weighted average common shares outstanding: Basic weighted average common shares outstanding................. 169,229 128,122 Net effect of dilutive stock options and restricted stock units - based on treasury stock method using average market price...... - 887 ----------------- ----------------- Diluted weighted average common shares outstanding............... 169,229 129,009 ================= ================= Basic earnings per common share (a)................................. $ (0.03) $ 0.49 ================= ================= Diluted earnings per common share (a)............................... $ (0.03) $ 0.48 ================= =================
(a) See Note 2 to the Company's condensed consolidated financial statements regarding "Net Income per Common Share" and the underlying discussion on Emerging Issues Task Force Topic D-42. Exhibit 11